Thousands of plaintiffs participate in “breakthrough” proceedings in Binance proceedings

Thousands of dissatisfied Binance customers have registered bills for their trading platform following the outage faced in May 2021. & Case LLP.

To date, more than 2,300 claimants have been registered, And this number is increasing daily, said David Kay, Chairman and CIO of Liti Capital.

In a recent press release, Kay, a member of the Binance Claim Steering Committee, said, “Last week, more than 1,000 claimants registered, making it the largest international consumer arbitration ever and a milestone for the crypto industry. There is a possibility. “

Conversation with Finextra Earlier this year, Kay explained that there are many factors that make the case unique. First and foremost, Binance is the first company to succeed on this scale without having to register or “affiliate” with the state. This is the first international arbitration to address the issue of “stateless companies” and the largest consumer group arbitration in history.

Kay told Finnextra: “The multinational corporation was the first organization to live in multiple states, but it still had headquarters, homes, and, importantly, a place to be sued. Binance is” nowhere “while being huge. I succeeded in becoming an existence. No one is regulated because there is no headquarters. “

The press release states that a recent letter has been sent to Binance on behalf of the Binance Claims Steering Committee, demanding that the platform indemnify more and more claimants. Realized that they were locked out and impossible Trading on the exchange during the infamous cryptocurrency plunge on May 19, this year.

The plunge followed a series of negative headlines and regulatory crackdowns on cryptocurrency-related activities in China, with Bitcoin’s dollar price falling by more than 30% and Ethereum falling by more than 45%. Not only was this one of the biggest daily price drops in cryptocurrency history, but it was also one of the biggest liquidations of trader positions in history. The entire platform has crashed It resumed at 13.30 UTC shortly after 15.00 UTC. At that point, crypto prices had recovered to pre-crash levels and short positions were no longer included in the money.

If Binance refuses to settle, the proceedings will proceed in front of the Hong Kong International Arbitration Center.

Thousands of plaintiffs participate in “breakthrough” proceedings in Binance proceedings

Source link Thousands of plaintiffs participate in “breakthrough” proceedings in Binance proceedings

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